ROLLUP: $3B ETH Whale | Roman Storm Verdict | Trump 401(k) Crypto Order
On this week’s Weekly Rollup, Ryan and David cover Tom Lee’s $3B ETH buying spree at 12x Michael Saylor’s pace, the race to become the top Ethereum treasury, and whether these companies are a buy or not. They also discuss the Roman Storm verdict, Trump’s surprise $8.7T 401(k) crypto order, and Arthur Hayes selling millions in ETH. Plus, Base’s 33-minute outage, the launch of Succinct’s ZK prover network, and the SEC declaring liquid staking tokens are not securities.
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TIMESTAMPS & RESOURCES
0:00 Intro
6:17 Markets
https://www.cbsnews.com/news/jobs-report-today-july-2025-economy-tariffs-trump-doge/
https://x.com/CryptoHayes/status/1951510939469292023
https://x.com/EricBalchunas/status/1952346941523701954
https://x.com/MitchellHODL/status/1948779978579214777
https://x.com/cburniske/status/1953240847669182937
13:05 Tom Lee becomes the largest crypto holder
https://x.com/WhaleInsider/status/1952386215975469242
https://www.tradingview.com/chart/1CDu50yK/?symbol=AMEX%3ABMNR
https://x.com/RyanSAdams/status/1952386046206890262
https://youtu.be/iClsnZ1KYSk?si=Ko99PtLiTCiJ_Q-O
https://x.com/fabdarice/status/1953110071493439604
https://www.strategicethreserve.xyz/
https://x.com/NateGeraci/status/1953272814422937941
https://blockworks.co/analytics/treasury-companies/market-data
https://www.theblock.co/post/365645/mei-pharma-litecoin-treasury-strategy-charlie-lee-gsr
25:31 Roman Storm’s case came to the end
https://x.com/SDNYnews/status/1953196594876301702
https://x.com/valkenburgh/status/1953149843565605015
https://x.com/katiebiber/status/1953235191893549123
https://x.com/jchervinsky/status/1953142247504908496
https://x.com/RyanSAdams/status/1953147290165641407
https://www.youtube.com/watch?v=zfKSKz3Kafk
36:10 Executive order - crypto in your 401k
https://watcher.guru/news/trump-to-sign-order-allowing-crypto-in-401k-retirement-plans
41:20 Base halted block production for half an hour
https://x.com/jessepollak/status/1952785312767459709
https://x.com/TrustlessState/status/1953129400087572524
45:22 Succinct Prover Network is live!
https://x.com/pumatheuma/status/1952836524808257580
https://www.coingecko.com/en/coins/succinct
49:00 SEC said LSTs are not securities
https://x.com/RebeccaRettig1/status/1952780309876867200
https://x.com/jespow/status/1952833684392034404
50:23 Metamask is about to launch its stablecoin
https://x.com/AggrNews/status/1952821245814182346
51:41 Barry Silbert returns to Grayscale as chairman
https://x.com/BarrySilbert/status/1952460252571468187
52:29 China said Worldcoin-style iris data collection are national security threat
https://www.theblock.co/post/365752/chinese-security-ministry-flags-iris-national-threat
https://x.com/BanklessHQ/status/1947265308416229745
55:43 Coinbase Ad was banned in the UK
https://x.com/brian_armstrong/status/1952152928044847477
https://www.theguardian.com/politics/2025/aug/04/george-osborne-uk-cryptocurrency-boom-left-behind
58:02 Closing & Disclaimers
58:11 Moment of Zen
https://x.com/coinbase/status/1950843893240496564
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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The Roman Storm Verdict | Peter Van Valkenburgh & David Morris
Welcome to BanklessTV, featuring Peter Van Valkenburgh from Coin Center and David Morris of The Rage, freshly back from the SDNY courtroom with the inside scoop on the Roman Storm verdict. In this episode we unpack the split decision—how Storm beat the money-laundering and sanctions-evasion counts yet was found guilty on the hot-button “unlicensed money-transmission” charge—and what that single conviction means for every non-custodial developer in crypto. Peter breaks down the legal tightrope between FinCEN guidance and DOJ prosecution, outlines three clear appeal paths (including the Blockchain Regulatory Certainty Act), and explains why Roman’s case could still become a rallying point for financial-privacy legislation. David shares firsthand color from the trial: jury deadlocks, high-stakes witness drama, and the emotional moment Storm walked free to see his daughter. Join us to hear why this verdict is both a wake-up call and an opportunity, what Congress, the courts, and the next administration might do next, and how the outcome could reshape DeFi, privacy tech, and open-source innovation for years to come.
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TIMESTAMPS
0:28 Introduction to the Roman Storm Case
0:58 Reflections on the Verdict
3:37 Understanding the Charges
4:07 Breakdown of the Conspiracy Counts
8:40 The Sentencing Landscape
9:29 Courtroom Atmosphere and Reactions
11:18 The Appeal Process
15:20 Roman's Optimism After the Verdict
17:08 Legal Standards and Implications
21:58 The Role of FinCEN Guidance
26:03 The Bigger Picture for DeFi
29:25 Jury Dynamics Explained
34:08 Optimistic Outcomes and Future Paths
36:25 Legislative Changes Ahead
39:54 The Potential for Re-prosecution
47:43 The Impact of Political Climate
51:37 Paths to Clarity in Legislation
55:45 The Future of Non-Custodial Projects
1:02:08 The Importance of Precedent
1:08:27 Closing Thoughts on the Case
1:09:13 A Call to Action for Support
1:15:37 Supporting the Cause
1:18:13 Final Reflections on the Journey
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RESOURCES
Support The Rage’s on-the-ground reporting
https://therage.co/donate
Support Coin Center’s policy work (fiat & crypto options)
https://coincenter.org/donate
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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The World’s Largest ETH Holder - Tom Lee on Treasuries, Ethereum Dominance, and Wall Street
In this episode, we talk with Tom Lee, chairman of Bitmine, about the rapid growth of his ETH treasury company and its goal to secure 5% of the total ETH supply.
Tom believes Ethereum could surpass Bitcoin in value, forecasting potential prices between $4,000 and $15,000. We discuss market dynamics, risks of excessive leverage, and his insights on valuing Ethereum and NFTs like Pudgy Penguins.
Tune in for key insights into Ethereum’s future and Wall Street’s role in crypto.
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📣 LISTEN TO THE EXCLUSIVE DEBRIEF:
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TIMESTAMPS
0:00 Intro
2:57 The Rise of ETH Treasuries
8:27 The 5% ETH Strategy
12:08 The Role of Ethereum in Wall Street
17:57 Accumulating More ETH
26:39 Wall Street's Misunderstanding of Crypto
29:41 Ethereum's 2017 Moment
37:09 The Potential for 100x
45:52 Estimating ETH's Value
50:08 Navigating Market Risks
59:36 Closing Thoughts on Ethereum
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RESOURCES
Tom Lee
https://x.com/fundstrat
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Not financial or tax advice. See our investment disclosures here:
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Should I Buy ETH Treasuries? Early Stage Greed Cycle? | Michael Nadeau’s DeFi Report #4
Public companies are racing to lock ETH onto their balance sheets, but is this the spark for a late-cycle greed run or a setup for a painful reversal?
Mike Nadeau from The DeFi Report joins Ryan to unpack the ETH treasury boom, explain how staking yield and convertible debt amplify reflexivity, and show why onchain signals place us around 9 p.m. on the market clock. We examine surging DEX volumes, record stablecoin supply, and the alt-season gauges that could send ETH to new highs. Finally, we outline the risks of leverage, premium flips, and the exit strategy smart investors are already planning.
Michael Nadeau & The DeFi Report:
https://x.com/JustDeauIt
https://thedefireport.io
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📣BIT DIGITAL ($BTBT) | ETH-FIRST PUBLIC COMPANY
http://bit-digital.com
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TIMESTAMPS
0:00 Intro
0:48 Bullish on ETH Treasury Companies
4:47 The Tom Lee Effect
11:48 Why ETH Outperforms Bitcoin
17:50 The Impact of ETH on DeFi
19:15 DeFi Summer 2.0?
24:53 Evaluating ETH Treasury Companies
28:25 Picking the Right Treasury Company
32:30 Navigating Risks in the Market
35:07 Signs of Market Overheating
38:03 Indicators of Market Sentiment
42:07 Analyzing Active Loans in DeFi
45:56 Assessing the Current Market Cycle
48:43 The Launch of TDR Pro
51:48 Closing & Disclaimers
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Ben Cowen: Ethereum Season Is Here | How Far Can ETH Go?
Ethereum has flipped the switch.
After years of underperformance, ETH is showing decisive momentum, not just in USD terms, but against Bitcoin and the broader altcoin market. In this episode, Ben Cowen returns to break down what’s changed, why ETH may be on a path to new all-time highs, and what its dominance means for the rest of the cycle.
We explore ETH’s regression bounce, ETHBTC targets, the fading strength of altcoins, and how market narratives tend to follow price, not the other way around. Ben also lays out his roadmap for the coming months and shares why this phase might be “Ethereum season,” not just in name, but in structure.
For anyone navigating crypto in 2024–2025, this is essential context.
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TIMESTAMPS
0:00 Intro
3:40 ETH Coming Home
14:13 Why ETH Outperforms Now
18:51 What ETH Season Actually Looks Like
24:48 ETHBTC Targets & USD Projections
29:25 Price First, Narrative Later
32:27 Bitcoin Risks & the Flippening Hypothetical
36:17 Ben’s Market Timeline
43:36 ETH Treasury Narrative Flip
48:11 Where’s the Alt Season?
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RESOURCES
Ben Cowen
https://x.com/intocryptoverse
Ben’s Channel
https://www.youtube.com/@intothecryptoverse
Into The Cryptoverse
https://intothecryptoverse.com/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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